Crude Oil Prices Experience Significant Rebound

Following a sharp decline, crude oil prices have surged by more than 2.5% on Tuesday. This rebound comes in the wake of the OPEC+ decision to increase output for the second consecutive month, highlighting the volatile nature of the market amidst geopolitical tensions.

Impact of Middle East Tensions on Oil Futures

The increase in oil futures is further exacerbated by Hamas's announcement to withdraw from truce talks with Israel, citing the "hunger war" against Palestinians in the Gaza Strip. This development has added another layer of complexity to the already tense situation in the Middle East.

Market Reaction

West Texas Intermediate (WTI) for June's settlements saw a jump of 2.92%, trading at $58.80 per barrel, while Brent for July's deliveries climbed by 2.82%, reaching $61.93 per barrel. These figures underscore the market's sensitivity to geopolitical developments.